DAVY VIEW

2019 was a relatively quiet year for Kingspan yet the group has still posted another year of double-digit earnings growth. Final results are a little better than expected and we are likely to nudge up our trading profit forecast for this year by circa 1%. As we noted recently, the near-term investment case is clouded somewhat by what has been a significant valuation expansion. But this is no ordinary business and Kingspan has a medium-term structural opportunity that distinguishes it from most other companies.